Government of the Federated States of Micronesia

FSM DOJ and Banking Board participated in Banking Regulation Seminar in Fiji

Palikir, Pohnpei (FSM Information Services): December 6, 2013 – Representatives of the FSM Department of Justice and the FSM Banking Board joined in the APEC Financial Regulators Training Initiative Seminar on Risk-Focused Supervision & Risk Assessment held on 18-22 November 2013 at the Radisson Hotel, Port Denarau in Nadi, Fiji. Assistant Attorney General Leonito Bacalando, Jr., and Bank Examiner, Melsihner Hadley, attended the seminar that was hosted by the Reserve Bank of Fiji, the Asian Development Bank (ADB), and the Asia Pacific Economic Cooperation (APEC) Financial Regulators Training Initiative.

Financial regulators from the Asia-Pacific Region were trained on the application of risk-focused banking supervision principles. The training consisted of theoretical presentations, practical exercises, and exchange of experiences and best practices involving operational and liquidity risks, market volatility, and good corporate governance. The seminar gave bank regulators valuable perspectives and expertise in handling financial regulatory issues. The seminar also explored the various risks inherent in banking business and best practices available in managing them.

Currently, the Department of Justice is the legal counsel of the FSM Banking Board in regulating the two commercial banks that operate throughout the FSM States. Both agencies are reviewing existing banking laws to strengthen them and correct inconsistencies and weaknesses for the protection of consumers.